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Cario (People's Daily) - As part of economic reforms and financial austerity measures, Egypt's Ministry of Oil announced steep increases in fuel and cooking gas prices.

According to the press statement, the new prices will come into effect starting from Saturday morning.

Prices for cooking gas increased 60 percent from 60 to 100 pounds ($3.30 to $5.60). Ninety-two octane gasoline increased 34 percent from 5 pounds to 6.75 pounds per liter.

This is the third time the government has increased fuel prices since austerity measures were announced.

Speculation of this round of price hikes was widespread at the beginning of Ramadan, but was denied by the Egyptian government.

This Friday marks the end of this year’s Ramadan and the beginning of Eid Al-Fitr, one of the most important traditional Islamic festivals throughout the year. Analysts said that the Egyptian government chose this timing probably to minimize the public outcry.

The steps were taken according to a three-year $12 billion bailout loan from the International Monetary Fund, secured in 2016.